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Episode 482

Help! My Practice is Flat Lining

Host: Gary Takacs | Published Date: April 7, 2021 | Listening Time: 00:49:08

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Suppose your practice is not growing and flatlining. In that case, you want to identify early on and take the necessary steps to avoid it since it will lead your dental practice to innumerable negative consequences.

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In this episode, Gary will help you understand the importance and economics of growth for your practice.

Gary suggests a few motivating ideas you can use in your practice with your team members to achieve growth in your practice and avoid flatlining.

  • What do you have to do if your practice is not growing?
  • How much do you have to evolve to keep pace so you’re not going backward?

When you’re buying a practice, you want to purchase one you recognize has untapped potential. You don’t want to buy a practice at the peak, which will do nothing but decline. You want to buy one that hopefully has lots of potential to grow.

You want to look for the signs of a practice flatlining, and you want to break it out of that pattern if you need to keep the best possible team members and retain your existing patients while also attracting new ones. 

This episode also features a Clinical tip from Dr. Eugenia Chan, DDS, MMSC, on how to verify smile line and midline.

Time Stamps

  • 00:24:00 – Introduction to the episode.
  • 00:01:00 – Announcement on the RIDA community

Today’s Thriving Dentist Clinical Tip

  • 00:03:20 – How to verify smile line and midline by Dr. Eugenia Chan DDS MMSc.

Coaching In Action

  • 00:04:56 – Gary explains why a practice will die if  the growth of it is flat lining for a long time.
  • 00:06:11 – Negative impacts of a flat-lining practice.
  • 00:09:00 – Gary talks about what the patient experience would be like in a practice that has no growth and is flat lining.
  • 00:09:53 – Gary talks about a recent conversation he had with a doctor who had a declining practice.
  • 00:11:00 – Gary talks about the economics of growth.
  • 00:13:12 – Gary talks about the economics of fixed versus variable expenses.
  • 00:18:31 – Gary talks about a simple math equation we all need to embrace.
  • 00:21:36 – Untapped potential areas in dentistry.

Q&A Segment

  • 00:29:30 – Question 1 – You have inspired me to pay more attention to the business side of my practice and sadly I now realize that my practice is not growing. I have literally been at the same level for the last 10 years. How do I break out of this rut?
  • 00:34:18 – Question 2 – For years direct mail was our primary marketing vehicle. However we are now seeing very poor results from direct mail. Where would you suggest shifting my marketing dollars?
  • 00:38:48 – Question 3 – Which clinical services would be best to add to my practice to stimulate growth?
  • 00:40:54 – Question 4 – I have heard you talk about a goal of 10% growth per month. Tell me more about that?

Resources


Gary Takacs

Gary Takacs Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe.

As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.

More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!
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Podcast Assistance by Jodey Smith, Rodecaster Expert